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Fast Small Business Loans: Compare Quick Cash Options

Whether it’s a once-in-a-lifetime opportunity for expansion or an unexpected emergency that upends your operations, there can come a time when a quick influx of funds are needed to do what’s best for your business.

If you lack the cash during such circumstances, however, fast small business loans can make or break your company’s odds of success. But qualifying for quick small business loans can be a bit tricky for those who’ve never borrowed large sums before.

If you’re wondering whether instant business loans might be the answer to your prayers, here’s a look at how they work and how easy it can be to qualify for immediate online approval.

Fast Business Loans For An Opportunity

For business owners who’ve stumbled upon an unexpected opportunity to grow their company, same-day business loans can deliver the funds you need to expand your organization. But, regardless of your business’s success, what if your personal credit score is nothing brag about? How will that affect the likelihood you’ll qualify for instant approval?

If this situation sounds familiar, rest assured, you still have options. Fundbox, Loanbuilder, Kabbage, and QuarterSpot are four leading lenders that don’t require strong credit in order to qualify for fast business funding.

Here’s a quick look at each of these lenders and their typical terms.

LenderLoan Amounts:Interest Rates:Repayment Terms:
  
Loan Amounts:
$1,000 - $100,000
Interest Rates:
10.1% - 79.8%
Repayment Terms:
12 - 24 weeks
  
Loan Amounts:
$5,000 - $500,000
Interest Rates:
One Time Fee Instead of APR
Repayment Terms:
13 weeks to 1 year
  
Loan Amounts:
$2,000 - $250,000
Interest Rates:
24% - 99%
Repayment Terms::
6, 12, or 18 months
  
Loan Amounts:
$5,000 - $200,000
Interest Rates:
24% - 99%
Repayment Terms::
6 - 18 months

Click to compare estimated rates on PrimeRates.

  • Fundbox
    • Loan Amounts: $1,000 to $100,000
    • Interest Rates: 10.1% to 79.8%
    • Repayment Terms: 3 to 6 months
    • Time to Funding: Hours or next business day
    • Minimum Credit Score: 550
    • Length of Business History: At least 1 year
    • Required Revenue: $200,000 annually
  • Loanbuilder (by PayPal)
    • Loan Amounts: $5,000 to $500,000
    • Interest Rates: One-time fee instead of an APR
    • Repayment Terms: 13 weeks to 1 year
    • Time to Funding: Same day or within 5 days
    • Minimum Credit Score: 550
    • Length of Business History: At least 9 months
    • Required Revenue: $42,000
  • Kabbage
    • Loan Amounts: $2,000 to $250,000
    • Interest Rates: 24% to 99%
    • Repayment Terms: 6, 12 or 18 months
    • Time to Funding: A few minutes to several days
    • Minimum Credit Score: 560
    • Length of Business History: At least 1 year
    • Required Revenue: $50,000 annually
  • QuarterSpot
    • Loan Amounts: $5,000 to $200,000
    • Interest Rates: 24% to 99%
    • Repayment Terms: 6-18 months
    • Time to Funding: As soon as 24 hours
    • Minimum Credit Score: 550
    • Length of Business History: At least 1 year
    • Required Revenue: $200,000 annually

For Businesses That Are At Least 1 Year Old

Different lenders have different requirements insofar as what qualities they like to see in the businesses that borrow from them. One the most common criteria is a specified amount of time a business has been active.

Many lenders require their borrowers to have at least 2 years of experience as a business entity, while other lenders only require only 1 year of operation. StreetShares and OnDeck are two lenders that fall into the latter group. Here’s a quick overview of each of their terms.

LenderLoan Amounts:Interest Rates:Repayment Terms:
  
Loan Amounts:
$2,000 - $250,000
Interest Rates:
9% - 40%
Repayment Terms:
3 - 36 months
  
Loan Amounts:
Up to $500,000
Interest Rates:
9.1% - 99.8%
Repayment Terms::
Repaid daily or weekly for 3 to 36 months

Click to compare estimated rates on PrimeRates.

  • StreetShares
    • Loan Amounts: $2,000 to $250,000
    • Interest Rates: 9% to 40%
    • Repayment Terms: 3 months to 3 years
    • Time to Funding: 1 to 5 days
    • Minimum Credit Score: 600
    • Length of Business History: At least 1 year
    • Required Revenue: At least $75,000 annually
  • OnDeck
    • Loan Amounts: $5,000 to $500,000
    • Interest Rates: 9.1% to 99.8%
    • Repayment Terms:
    • Time to Funding: 1 to 5 days
    • Minimum Credit Score: 500
    • Length of Business History: At least 1 year
    • Required Revenue: At least $100,000 annually

Low Rates For Strong Businesses

If you’ve got great credit and your business is booming, yet you still find yourself in need of a fast small business loan, you’ll likely have your pick of the litter when it comes to lenders. In this case, it usually makes the most sense to choose whichever lender will offer you the lowest interest rate and the best terms.

Lending Club and Credibility Capital are two lenders that offer attractive terms to qualified applicants. Here’s a quick look at these two companies.

LenderLoan Amounts:Interest Rates:Repayment Terms:
  
Loan Amounts:
$5,000 - $300,000
Interest Rates:
9.8% - 35.7%
Repayment Terms:
1 - 5 years
  
Loan Amounts:
$50,000 - $300,000
Interest Rates:
9.8% - 35.7%
Repayment Terms:
1, 2 or 3 years

Click to compare estimated rates on PrimeRates.

  • LendingClub
    • Loan Amounts: $5,000 to $300,000
    • Interest Rates: 9.8% to 35.7%
    • Repayment Terms: 1 to 5 years
    • Time to Funding: From 2 days to 2 weeks
    • Minimum Credit Score: 600
    • Length of Business History: At least 1 year
    • Required Revenue: $50,000
  • Credibility Capital
    • Loan Amounts: $50,000 to $300,000
    • Interest Rates: 9.8% to 35.7%
    • Repayment Terms: 1, 2 or 3 years.
    • Time to Funding: 3 days to 1 week
    • Minimum Credit Score: 650
    • Length of Business History: At least 18 months
    • Required Revenue: $150,000

How to Get a Quick Business Loan (Qualifications)

Getting approved for a quick business loan can unfold in a few different ways depending upon which lender (or lenders) you apply for a loan from. With most online lenders, the process typically involves filling out a form that includes questions about your individual identity and your business basics. Some lenders will ask for information about your business’s finances, while others will want to connect directly to your accounting software. Depending on which lenders you decide to apply to, you could receive a decision right away or within a few days. And, in many instances, an approval means the funds could be in your account in as little as a few hours.

What Makes Quick Business Loans So Quick?

Compared to traditional business loans that you might inquire about at a bank, quick business loans are far easier to apply for. Why is that? It basically comes down to these three reasons.

  • Less Regulation: Traditional bank loans are subject to far more government oversight and regulation compared to modern quick business loans.
  • Less Paperwork: There’s far less paperwork to compile and complete with quick business loans compared to their traditional counterparts.
  • Increased Efficiency: Because there’s less paperwork, less regulation, and the entire arrangement occurs online, quick loans are inherently more efficient than bank-based borrowing arrangements.

Why Would You Need a Fast Business Loan?

There are numerous reasons why you might be exploring quick loan options for your business, but, broadly speaking, businesses usually take out loans for one of the following purposes.

  • Equipment Repair: Expensive machines a business needs in order to operate can unexpectedly break.
  • Building Maintenance Problems: Plumbing problems, electric outages, or other unforeseen infrastructure issues can instantly cripple a company.
  • Growing Pains: Businesses in the midst of a growth spurt frequently need access to additional funds to bridge financial gaps.
  • Unexpected Opportunities: Limited-time sales on inventory or the chance to buy a service vehicle at a fraction of the cost lead many businesses to take out loans.
  • Plan to Expand: The need for additional office space or team members usually requires an up-front investment before beginning to pay off.

Conclusion

Ready to apply for a quick loan that takes your business to the next level? Explore the options available to you, and choose the lender that makes the most sense for your situation.

Compare Business Loans

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